1. At a Glance – When Your Tea Is Stronger Than Your Balance Sheet
Market Cap: ₹1,052 Cr
Current Price: ₹21.5
3-Month Return: -15.9%
P/E: 103
Book Value: ₹7.39
ROCE: -6.83%
ROE: -7.96%
Debt: ₹120 Cr
Welcome to Andrew Yule & Company Ltd, the rare PSU that sells tea, transformers, and turbulence — sometimes in the same quarter.
Latest Q3 FY26 numbers?
Sales: ₹75 Cr
PAT: ₹-8.80 Cr
EPS: ₹-0.18
Yes, the company is trading at a P/E of 103, while posting quarterly losses. That’s like charging five-star prices for railway platform chai.
Stock is down 37% in 1 year, margins are negative, and operating profit margin last year was -29%. But market cap? Still above ₹1,000 Cr.
Is this a hidden turnaround?
Or is this a CPSE nostalgia premium?
Let’s audit this drama — with tea in one hand and calculator in the other.
2. Introduction – 1919 Called, It Wants Its Business Model Back
Andrew Yule was incorporated in 1919. Yes, 1919. Before independence. Before Excel. Before WhatsApp forwards.
Originally a managing agency company. That system got abolished. Business vanished. Government acquired it in 1979.
Since then, this CPSE has been juggling:
- Tea plantations in Assam, Dooars, Darjeeling
- Transformers and rectifiers
- Industrial fans
- Electrostatic precipitators
- Pollution control equipment
Imagine if Tata Consumer and BHEL had a confused child.
But here’s the twist: Despite 100+ years of existence, sales growth over 5 years is 0.77%. Three-year sales growth? -9.13%.
Would you expect a century-old PSU to be stable? Yes.
Would you expect it to be exciting? Probably not.
Would you expect it to lose money while trading at 103 PE? Absolutely not.
So what’s happening here?
Let’s break it down division by division.
3. Business Model – WTF Do They Even Do?
Tea Division (58% Revenue)
12 tea estates:
